December 6, 2011

  • Price is near resistance levels in weekly chart.
  • Daily chart with RSI is showing negative divergence.
  • So stock may turn in favor of bears from the current levels. Right now price is above 20 Day SMA. Once price closes below 20 SMA we may see good correction in GOOG.
  • ES is moving towards 100 Hour SMA we might see a decisive move from this moving average.
  • Violation of the support and resistance lines or the up trend line may trigger a big move.
  • For bears the violation of cloud did not sustain. If price dips below the cloud again we may see good move in favor of bears. 
  • For bulls price shall breakout and sustain above the resistance line.
  • Another attempt to cross 200 SMA has failed.
  • Hour charts has not lost momentum yet. Price is closer to crucial resistance levels and is staying above 50 and 200 Hour SMA's


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore